topic Foreign Tax Credit Form 1116 Comp Wks Foreign Tax Carryovers from 2019; Carryover to 2020 error in Deductions & credits

Foreign Tax Credit Form 1116 Comp Wks Foreign Tax Carryovers from 2019; Carryover to 2020 error

ed505 — Fri, 12 Mar 2021 21:39:33 GMT

I have no carryover from 2019 to 2020. The field for Carryover to 2020 is blank but shows as an ERROR (red) field. I tried putting in a zero and deleting the contents of field, still red. HELP

Re: Foreign Tax Credit Form 1116 Comp Wks Foreign Tax Carryovers from 2019; Carryover to 2020 error

rogge1722 — Fri, 12 Mar 2021 21:55:19 GMT

In FORMS mode, bring up the f 1116 worksheet. In the left pane at the top, click on the red error button. At the bottom of the right screen a small box will appear that should indicate where and what the error is. Clicking on the button again will remove the box.

Re: Foreign Tax Credit Form 1116 Comp Wks Foreign Tax Carryovers from 2019; Carryover to 2020 error

ed505 — Sat, 13 Mar 2021 13:45:54 GMT

I was not able to delete the error notation box at bottom by pressing the upper left error button. However, I was able to delete the "0" carry to 2020 and error VANISHED. Thank you, problem solved.

Re: Foreign Tax Credit Form 1116 Comp Wks Foreign Tax Carryovers from 2019; Carryover to 2020 error

ed505 — Wed, 31 Mar 2021 21:00:02 GMT

This is not working again. On 1116 Comp Wks (first of 3); Foreign Tax Credit Carryovers; Foreign tax Credit Carryovers from 2019 has no entries for any years. "Carryover to 2020" also has no amount, HOWEVER THE BOX IS PINK.

Pressing the !Errors button gives the following message: "Foreign Tax Credit Comp Wks

Total Incoming C/O should not have a value. Include this amount on the first copy of this category of income." Nothing I tried could eliminate the error, HELP. Almost done, this is last error. Ed

Re: Foreign Tax Credit Form 1116 Comp Wks Foreign Tax Carryovers from 2019; Carryover to 2020 error

ed505 — Mon, 05 Apr 2021 18:30:54 GMT

Still have this error, hoped it would go after latest updates. I DO NOT understand the error message: "! Total Incoming C/O should not have a value (value is blank and pink)". Include this amount (there is no amount) on the first copy of this category of income (????)."

Please help. Ed [phone number removed]

Re: Foreign Tax Credit Form 1116 Comp Wks Foreign Tax Carryovers from 2019; Carryover to 2020 error

ed505 — Sun, 11 Apr 2021 21:10:49 GMT

This was fixed thanks to Turbotax expert help. The error for Foreign Tax Credit Carryovers from 2019; Carryover to 2020 blank but pink.

The Alternate Minimum Tax carryovers (2010 thru 2019) were transferred from 2019 tax return; the fix was to delete all of these entries, the error vanished.

Re: Foreign Tax Credit Form 1116 Comp Wks Foreign Tax Carryovers from 2019; Carryover to 2020 error

fbetenso — Sat, 08 May 2021 00:49:50 GMT

First time around I had a 2019 carryover of about $500, it's gone now so I don't know the exact number. I got to filing stage and it said I had an error, which I never could fix. I was using "various" as the country. I went back and filled out 3 copies of form 1116, but now my deduction was lowered by the $500. Now the 2019 carryover has disappeared. I owe $500 more than I did an hour ago. WTF. TurboTax has never got the foreign tax credit right. It's always been a PITA, and this year is even worse.

Where do I find the 2019 foreign tax carryover? How and where do I enter it manually? TurboTax Premier.

Re: Foreign Tax Credit Form 1116 Comp Wks Foreign Tax Carryovers from 2019; Carryover to 2020 error

DaveF1006 — Wed, 12 May 2021 22:06:15 GMT

You will need to review your 2019 return to find out what the foreign tax carryover was. Once you find out, you will enter it in the following manner.

Click on Federal Taxes > Deductions & Credits [In TT Home & Biz: Personal > Deductions & Credits > I'll choose what I work on].
Scroll down to the Estimates and Other Taxes Paid section.
Click on the box next to Foreign Taxes.
On the Foreign Tax Credit screen, click on the Yes box.
Continue through the interview, entering the requested information.
You will come to the Carryovers screen. Click the Yes box.
Enter your carryover amounts on the next screen -- Foreign Tax Credit Carryovers